Business
IMPACT Silver Announces Record Silver Production and Earnings
IMPACT Silver Announces Record Silver Production and Earnings
About this update from Impact Silver Corp.
[{"type":"text","content":"\nIMPACT Silver Announces Record Silver Production and Earnings\n\n\n Apr. 15, 2009 (Baystreet.ca) -- VANCOUVER, BRITISH COLUMBIA -- IMPACT Silver Corp. (\"the Company\" or \"IMPACT\") (TSX VENTURE:IPT) is pleased to announce record silver production of 635,668 ounces, up 82% from 348,949 ounces in 2007. Gross revenues for the fiscal year were $8,907,958, up 23% from $7,250,077 in 2007. These higher revenues were due to increased silver, lead and zinc production which more than offset lower realized prices (net of smelter costs) for silver, lead and zinc. Average mill throughput during the year ended December 31, 2008 was 280 tpd (tonnes per day), up from 274 tpd during 2007. By year end, production was primarily from the high grade mines of Chivo and San Ramon.\n\nAt December 31, 2008, metal prices had declined by about 7% for silver, 40% for zinc, and 20% for lead from prices prevailing at the beginning of the year. As a result of the dramatic decline in zinc prices, the Company stopped shipping and began stockpiling its zinc concentrate production at the end of October. \n\n\n---------------------------------------------------------------------\nYear Ended December 31 2008 2007 % Change\n---------------------------------------------------------------------\nRevenue $ 8,907,958 $ 7,250,077 23%\n---------------------------------------------------------------------\nMine Operating Earnings $ 2,187,124 $ 2,070,931 6%\n---------------------------------------------------------------------\nNet Income $ 662,100 $ 286,727 131%\n---------------------------------------------------------------------\nEarnings Per Share $ 0.01 $ 0.01\n---------------------------------------------------------------------\n\n---------------------------------------------------------------------\nCash and Cash Equivalents $ 5,433,480 $ 10,144,831\n---------------------------------------------------------------------\nWorking Capital $ 7,281,243 $ 11,349,373\n---------------------------------------------------------------------\n\n\n\nIMPACT's financial position at December 31, 2008 remained strong with $5.4 million in cash and cash equivalents (December 31, 2007 - $10.1 million) \nand net working capital of $7.3 million (December 31, 2007 - $11.3 million). The decrease in cash and cash equivalents is primarily due to the Company's investment in exploration e...